The US Dollar regained strong upside traction and maintained the price action in the risk complex depressed amidst interest rate cuts speculation and soft US data releases. In addition, the BoE and the Norges Bank kept their policy rates unchanged vs. a surprising cut by the SNB.
Here is what you need to know on Friday, June 21:
The USD Index (DXY) rose to four-day highs near 105.70 on the back of the rebound in US yields across the curve and the dominating risk-off mood in the FX galaxy. On June 21, the advanced S&P Global Manufacturing and Services PMI will take centre stage seconded by the CB Leading Index and Existing Home Sales.
EUR/USD left behind part of the recent three-session advance and revisited the boundaries of the 1.0700 support amidst strong selling pressure. The EcoFin meeting is due on June 20, followed by the preliminary HCOB Manufacturing and Services PMI in Germany and Euroland.
GBP/USD followed its risky peers and retreated to multi-day lows well south of the 1.2700 support following a firm Dollar and the dovish hold by the BoE. The flash S&P Global advanced Manufacturing and Services PMI come on June 21, along with the GfK Consumer Confidence, Public Sector Net Borrowing, and Retail Sales.
USD/JPY maintained its robust bullish bias and challenged fresh tops near the 159.00 barrier amidst the stronger Greenback and higher yields. The advanced Jibun Bank Manufacturing and Services PMI will be published on June 21 followed by the Inflation Rate.
AUD/USD faced some renewed downside pressure and receded from recent weekly tops, revisiting the 0.6650 zone. In Australia, the flash Judo Bank Manufacturing and Services PMIs are expected on June 21.
WTI prices advanced to fresh highs and approached the $82.00 mark per barrel on the back of renewed geopolitical jitters and a weekly drop in US crude oil inventories.
Gold prices managed to gather fresh steam and advance to two-week highs around $2,365 per ounce troy. Silver rallied more than 3% to surpass the $30.00 mark per ounce and clinch a new two-week high.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Next on the downside comes 0.6500
Further gains in the US Dollar kept the price action in commodities and the risk complex depressed on Tuesday, motivating AUD/USD to come close to the rea of the November low near 0.6500.
EUR/USD: No respite to the sell-off ahead of US CPI
The rally in the Greenback remained well and sound for yet another session, weighing on the risk-linked assets and sending EUR/USD to new 2024 lows in the vicinity of 1.0590 prior to key US data releases.
Gold struggles to retain the $2,600 mark
Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.
SOL Price Forecast: Solana bulls maintain $250 target as Binance lists ACT and PNUT
Solana price retraced 7% from $225 to $205 on Tuesday, halting a seven-day winning streak that saw SOL become the third-largest cryptocurrency by market capitalization.
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium
What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.